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Assume the following information: April 1 Inventory 9 units at cost of $20 April 10 purchase 11 units at cost of $20 April 12 sale 12 units Using the perpetual inventory system, what is the amount of cost of goods sold? O A. $160 B. $20 OC. $240 OD. $400 17 of 32 This Te Assume the following information: April 1 Inventory 9 units at cost of $13 April 10 purchase 11 units at cost of $13 April 12 sale 12 units Using the perpetual inventory system, what is the amount of cost of goods sold? O A. $13 O B. $156 C. $260 OD. $104 Assume the following information: April 1 Inventory 3 units at cost of $14 April 10 purchase 5 units at cost of $14 April 12 sale 6 units Using the perpetual inventory system, what is the amount of ending merchandise inventory? O A. $14 OB. $84 O c. $28 D. $112 Assume the following information: May 1 Inventory 9 units at cost of $20 May 9 purchase 4 units at cost of $20 May 15 sale 10 units Using the perpetual inventory system, what is the amount of ending merchandise inventory? O A. $60 OB. $200 C. $260 OD. $20 A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $12,000 and paid $780 for the freight-in. The company sold the whole lot to a supermarket chain for $13,000 on account. The company uses the specific - identification method of inventory costing. Which of the following entries correctly records the cost of goods sold? A. Cost of Goods Sold Merchandise Inventory 12,780 12,780 OB. Cost of Goods Sold Merchandise Inventory 12,000 12,000 O C. Cost of Goods Sold Sales Revenue 12,000 12,000 OD. Merchandise Inventory Cost of Goods Sold 12,780 12,780 A company that uses the perpetual inventory system purchased 50 hair clips for $3 each and 160 hair bands for $2 each. The company sold 40 hair clips and 80 hair bands for a total of $490 on account. The company uses the specific - identification method of inventory costing. Which of the following entries correctly records the sale and the cost of goods sold? he sacamos 280 280 490 490 490 490 280 280 O A. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory OB. Cost of Goods Sold Sales Revenue Accounts Receivable Merchandise Inventory O C. Cost of Goods Sold Sales Revenue Accounts Receivable Merchandise Inventory OD. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 280 280 490 490 490 490 280 280 Sale A company that uses the perpetual inventory system sold goods to a customer on account on June 16 for $87. The company has the following inventory information: June 1 Beginning Inventory 11 units at $4 each June 10 Purchase 13 units at $ each June 11 8 units June 16 Sale 13 units The company uses the FIFO method of inventory costing. Which of the following journal entries correctly records the sale on June 16? OA Accounts Receivable 87 Sales 87 Cost of Goods Sold 62 Merchandise Inventory 62 87 87 OB. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 12 12 87 87 OC Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 77 77 87 87 OD. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 62 62 A company that uses the perpetual inventory system sold goods to a customer on account on May 7 for $75. The company has the following inventory Information May 1 Beginning Inventory 9 units at $2 each May 4 Purchase 11 units at $3 each May 7 Sale 15 units The company uses the LIFO method of inventory costing. Which of the following journal entries correctly records the sale on May 7? OA Accounts Receivable 75 Sales Revenue Cost of Goods Sold 36 Merchandise Inventory 75 36 75 75 OB. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 41 41 75 75 OC. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 41 41 75 75 D. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 36 36 The Organizer Store uses the weighted - average inventory costing method in a perpetual inventory system. The unit cost of the beginning inventory for inventory item X500 was $10 per unit (100 units) and the first purchase of the period has a unit cost of $12 per unit (150 units). The weighted average cost per unit is $11. O True O False A company that uses the perpetual inventory system sold goods to a customer on account on May 7 for $117. The company has the following inventory information May 1 Beginning Inventory 9 units at $5 cach May 4 Purchase 13 units at $6 each May 7 Sale 13 units The company uses the Weighted - Average method at inventory costing Which of the following joumal entries correctly records the sale on May 7 Grounded to two decimal placed) OA Accounts Receivable 117 Sales Revenue 117 Cost of Goods Sold 195 Merchandise Inventory 195 117 117 OB. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise inventory 73.37 73.37 117 117 OG Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 72.67 72.67 117 117 OD. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 72.67 72.67
